Ryan M. Clement
SelectQuoteAbout Ryan M. Clement
Ryan M. Clement, 44, is Chief Financial Officer of SelectQuote and has served as CFO since February 2023 (SVP FP&A in January 2022; Interim CFO in June 2022). He previously served as CFO of Sifted (VeriShip) from 2019–2022, VP Finance at The Mutual Fund Store (2012–2016), VP Distribution Strategy at Financial Engines after the 2016 sale, and led integration with Edelman Financial Services following their 2018 merger. Clement holds an MBA and dual B.S. in Real Estate and Finance & Banking from the University of Missouri . Company performance in FY2025 included revenue of $1.52B (+15% YoY), net income of $47.5M, and Adjusted EBITDA of $126.25M, as well as financing actions he signed that reduced total debt by nearly $300M and improved liquidity (securitization and preferred equity) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SelectQuote, Inc. | Chief Financial Officer | Feb 2023–present | Led financing (securitization; preferred equity), reduced cost of capital and total debt, strengthened liquidity . |
| SelectQuote, Inc. | Interim Chief Financial Officer | Jun 2022–Feb 2023 | Transition leadership; maintained financial oversight . |
| SelectQuote, Inc. | SVP, FP&A | Jan 2022–Jun 2022 | Corporate financial planning and analysis . |
| Sifted, LLC (VeriShip) | Chief Financial Officer | 2019–2022 | Private SaaS finance leadership . |
| The Mutual Fund Store | Vice President, Finance | 2012–2016 | FP&A and central role in M&A, leading to sale to Financial Engines in 2016 . |
| Financial Engines, Inc. | VP, Distribution Strategy | 2016–2018 | Strategic distribution post-transaction . |
| Edelman/Financial Engines (post-merger) | Head of Integration | 2018 | Oversaw integration following merger . |
External Roles
- No public company directorships disclosed for Clement in the proxy’s executive officer section .
Fixed Compensation
| Item | FY2025 | Notes |
|---|---|---|
| Base Salary ($) | $430,000 | +11% year-over-year to align with market and recognize contributions . |
| Target Bonus % of Base | 75% | CFO target total $322,500; Company component 75%, Individual 25% . |
| Target Bonus ($) | $322,500 | Company component target $241,875; Individual target $80,625 . |
| Actual Annual Incentive Payout ($) | $414,413 (129% of total target) | Company component $333,788 (138% of company target), Individual $80,625 (100% of individual target) . |
| “Bonus” (Other cash bonus) ($) | $200,212 | Includes holiday bonus and one-time bonus for significant financial transactions . |
Summary Compensation (FY2025)
| Component | Amount ($) |
|---|---|
| Salary | $430,000 |
| Bonus | $200,212 |
| Stock Awards (grant-date FV) | $1,106,069 |
| Non-Equity Incentive Plan Compensation | $414,413 |
| All Other Compensation | $16,962 |
| Total | $2,167,656 |
Performance Compensation
Annual Cash Incentive Structure (FY2025)
- Weighting: Company performance 75% (revenue, Adjusted EBITDA, operating cash flow; one-third each), Individual performance 25% .
- Company metrics, targets and actuals (numbers in thousands):
| Metric | Weight | Target ($000s) | Actual ($000s) | % of Target |
|---|---|---|---|---|
| Revenue | 33.3% | 1,447,950 | 1,522,391 | 105% |
| Adjusted EBITDA | 33.3% | 106,388 | 126,220 | 119% |
| Operating Cash Flow | 33.3% | (19,700) | (11,666) | — |
- Payout schedule examples: Revenue/Adj. EBITDA payout scales: Threshold 70%→40%, Target 100%→100%, Max 126%→200%. Operating cash flow payout scales at defined thresholds (($39.7M) to $300k) .
- Clement’s FY2025 payouts: Company component $333,788 (138% of company target), Individual $80,625 (100%), Aggregate $414,413 (129%) .
Equity Long-Term Incentives (FY2025 Grants)
| Award Type | Target Dollar Value | Units Granted | Grant-Date Fair Value ($) |
|---|---|---|---|
| RSUs | $1,200,000 | 191,693 | $389,137 |
| PVUs (Price-Vested RSUs) | $1,200,000 | 191,693 | $716,932 |
| Total FY2025 Equity | — | — | $1,106,069 |
- PVU price hurdles and vesting:
- Price hurdles: $3.13, $6.00, $9.00; each hurdle vests one-third of PVUs once the 60-day average closing price meets the level within a 5-year performance period .
- PVUs vest ratably in three annual installments starting one year after grant, subject to continued employment .
Equity Ownership & Alignment
Beneficial Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Composition |
|---|---|---|---|
| Ryan M. Clement | 371,331 | <1% (asterisk per table) | 304,705 direct + 66,626 options exercisable within 60 days . |
- Stock ownership guidelines: CFO must hold ≥3x base salary; all named executive officers, including Clement, in compliance as of the Record Date and must retain 100% of vested shares (net of taxes) until compliance achieved .
Outstanding Equity Awards at June 30, 2025 (market values at $2.38/share)
| Grant Date | Options Exercisable | Options Unexercisable | Strike ($) | Expiration | Unvested Stock Awards (Units) | Market Value ($) | Unearned Units (PVU/Other) | Market/Payout Value ($) |
|---|---|---|---|---|---|---|---|---|
| 3/1/2022 | 66,626 | 22,208 | 2.80 | 3/1/2032 | 6,234 | 14,837 | — | — |
| 8/1/2022 | — | — | — | — | 26,044 | 61,985 | 88,353 | 210,280 |
| 2/28/2023 | — | — | — | — | 20,834 | 49,585 | — | — |
| 9/13/2023 | — | — | — | — | 200,000 | 476,000 | 100,000 | 238,000 |
- Hedging/pledging: Officers prohibited from hedging, short-selling, buying on margin, or pledging shares (case-by-case exceptions to pledging subject to General Counsel pre-approval) .
- Note: As of 6/30/2025, the $2.80 strike options were out-of-the-money versus the $2.38 closing price, reducing near-term exercise pressure .
Employment Terms
Employment Agreement Highlights
- Term: 3-year initial term with automatic one-year renewals unless 90-day notice of non-renewal .
- Severance (without cause or good reason resignation): Prorated current-year bonus; lump sum cash equal to base salary + target bonus; COBRA reimbursement for the severance period .
- Change-in-Control (double-trigger): If terminated within 90 days prior or within two years after a change-in-control, cash severance uses multiple of (salary + target bonus): 1.5x for Clement; 2x for CEO .
- Restrictive covenants: Inventions assignment, confidentiality; non-compete and non-solicit generally 2 years; post-CIC severance-qualifying terminations reduce to 18 months unless the Company increases the Severance Multiple to 2x .
- Clawback: Mandatory recoupment of incentive comp upon accounting restatements per SEC/NYSE rules (adopted in 2023; filed as Exhibit 97.1 to FY2025 10-K) .
- Tax gross-ups: None provided; “best net” cutback to avoid 280G excise tax if applicable .
Potential Payments Upon Termination (as of 6/30/2025)
| Scenario | Pro-Rated Bonus ($) | Cash Severance ($) | Health Benefits ($) | Equity Acceleration ($) | Total ($) |
|---|---|---|---|---|---|
| Involuntary termination without cause or resignation for good reason | 322,500 | 752,500 | 19,926 | — | 1,075,000 |
| Involuntary or good reason termination in connection with change in control | 322,500 | 1,128,750 | — | 1,210,714 | 2,661,964 |
Compensation Peer Group (used for FY2025 decisions)
- Accolade; eHealth; HealthEquity; Tripadvisor; Alignment Healthcare; EverQuote; MediaAlpha; Trupanion; BRP Group; GoHealth; MultiPlan; Veradigm; CarGurus; GoodRx; Shutterstock; ZipRecruiter. The Company does not target specific percentile benchmarking, considering aggregate pay levels across the executive team .
Compensation Committee and Governance
- Compensation Committee members: Denise L. Devine (Chair), Earl H. Devanny III, Donald L. Hawks III .
- Program principles: High proportion of “at-risk” compensation; double-trigger severance and equity; no excise tax gross-ups; robust ownership requirements (3x for CFO); anti-hedging/short-selling/pledging policies .
Investment Implications
- Pay-for-performance alignment: Clement’s FY2025 variable cash paid at 129% of target, driven by company overachievement on revenue (105%) and Adjusted EBITDA (119%), with defined payout curves; robust equity mix with PVUs tied to stock price hurdles creates alignment with TSR and capital market outcomes .
- Retention risk: Double-trigger CIC severance (1.5x) and sizable unvested RSUs/PVUs vesting over multiple years support retention; options OTM at year-end lower near-term exercise/sale pressure .
- Ownership alignment: CFO meets 3x salary guideline and is subject to anti-hedging/pledging restrictions; beneficial ownership modest (<1%), but ongoing LTI grants and retention requirements enhance alignment .
- Execution track record: As CFO, Clement signed multiple material financing documents (press releases and investor materials 8-Ks) and helped reduce total debt by nearly $300M via securitization and preferred equity, improving liquidity and operational flexibility—positive signals for capital discipline .
- Watch items: PVU hurdles ($3.13/$6.00/$9.00) may cluster vesting if price momentum sustains; pharmacy pricing headwinds impacted Healthcare Services in FY2025, a source of execution risk to margin goals and individual payouts in some cases .